The brothers, who say they are innocent, are accused of having formed an organised criminal network in early 2021 in Romania, as well as in the US and Britain
The total assets of banks in Abu Dhabi and Dubai surged to nearly Dh2.947 trillion in seven months to the end of November of 2020 from Dh2.897 trillion recorded at the end of April, according to data from the Central Bank of the UAE.
The banks of the two largest emirates accounted for 92 per cent of the total assets of the banking system in the UAE as of November.
Total assets of all banks operating across the UAE increased by 7.6 per cent year-on-year at the end of September 2020 to Dh3.253 trillion.
While banks in Dubai saw their total assets reaching Dh1.516 trillion, Abu Dhabi banks recorded total assets of Dh1.431 trillion by the end of November 2020, the Central Bank data shows.
The total loans and advances given by Abu Dhabi and Dubai banks reached Dh1.637 trillion at the end of November. Of this, banks in Abu Dhabi and Dubai accounted for Dh751 billion and Dh865.6 billion respectively.
Total banks deposits of the two emirates reached Dh1.712 trillion by the end of last November with Abu Dhabi and Dubai accounting for Dh884.2 billion and Dh827.7 billion respectively.
The Central Bank of UAE statistics show that the combined value of the capital and reserves of Abu Dhabi and Dubai banks totalled Dh365.5 billion, which constitutes about 92 per cent of the total capital and reserves of the UAE banking system.
In September 2020, total assets of all banks operating in the UAE increased by 7.6 per cent year-on-year and by two per cent quarter-on-quarter to Dh3.253 trillion.
According to Fitch, the general business and operating environment for banks in the UAE to remain as challenging in 2021 as in 2020."Nevertheless, we expect real GDP to recover by 1.7 per cent in 2021 after falling by around 6.8 per cent in 2020. We expect defaults to rise as government support measures wane,” said Redmond Ramsdale, head of Middle East Bank Ratings at Fitch.
Fitch expects asset quality of UAE banks to deteriorate in 2021 as payment holidays expire and not all borrowers are able to weather the downturn. This is particularly true in real estate, contracting, retail, aviation and hospitality sectors.
— issacjohn@khaleejtimes.com
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